Your credit limit is the amount you deposit, plus $300.
Who the Applied Bank Gold Match Plus Visa Card Is For
- People who have been turned down for a credit card or are rebuilding their credit.
Credit Rating Required
- Bad (below 620)
About the Applied Bank Gold Match Plus Visa Card
Pros
- No penalty interest rate.
Cons
- High fees.
- High APR.
- No grace period.
- No interest paid on deposit.
Security Deposit Required
- $300 to $5,000.
Rewards
- None.
APRs
- 23.99 percent on purchases and cash advances.
Fees
- Annual fee: $125 first year only, then $15 per month ($180 annually).
- Credit limit increase fee: $100.
- Late payment fee: Up to $35.
- Over limit fee: Up to $35.
- Returned payment fee: Up to $35.
- Dishonored check fee: Up to $35.
Applied Bank Gold Match Plus Visa Card Review
The Applied Bank Secured Visa Card was rated the worst secured card. The Applied Bank Gold Bank Match Plus Visa Card is sort of a hybrid between a secured card and an unsecured card, and it's even more expensive than the secured card. The annual fee is much higher, and the APR is almost double.
The bank doesn't call it that, but for all practical purposes this is a secured card. To get the card, you must open a deposit account with the bank of at least $300 (maximum $5,000); your credit limit is the amount of the deposit plus $300, but only $300 of your credit limit is unsecured.
The $125 annual fee is immediately charged to your account making your unsecured credit limit to $175.
You'll start incurring interest charges long before you get the first bill. There's also no grace period on purchases, so there's never any month you won't escape finance charges, even when you pay your bill on time.
After the first year, the annual fee is replaced by a "monthly maintenance" fee of $15, or $180 annually.
While your deposit is FDIC insured, Applied Bank doesn't pay you any interest on it, and your deposit is used to secure any money you owe the bank - you can't get it back until the bank decides to.
Unfortunately, you won't find out any of this unless you read the 18-page Credit Card Agreement, which most applicants don't.
In addition to the high fees and interest rate, Applied Bank charges fees you don't find at most other banks, like a $100 credit limit increase fee.
Recommendation
This is one of the highest priced cards on the market, with almost no benefits. If you have to have a Visa or MasterCard, you're better off getting a low-priced prepaid card instead.